NDLI: An econometric analysis of the main components of M3 in the Euro area

Content Provider	Springer Nature Link
Author	Calza, Alessandro Jung, Alexander Stracca, Livio
Copyright Year	2000
Abstract	An Econometric Analysis of the Main Components of M3 in the Euro Area. — The main result is that the four components of M3 in the euro area can be explained in terms of a small set of explanatory variables (nominal GDP and interest rates) for the sample period January 1990 — September 1999 both in terms of levels and as shares of M3. Moreover, overall cointegration tests broadly support the hypothesis of long-run stability of the demand for the components of M3 and for M3 itself in nominal terms. Around the start of Stage Three of Monetary Union significant substitution between the components of M3 is detected. A refinement of the empirical analysis takes into account the correlation of the unexplained movements of the individual components using the SUR technique.Eine ökonometrische Analyse der Hauptkomponenten von M3 in Euroland. — Das Hauptergebnis ist, dass die vier Komponenten von M3 in Euroland mit nur wenigen Variablen (nominales Bruttoinlandsprodukt und ZinssÄtze) für die Zeit zwischen Januar 1990 und September 1999 erklÄrt werden können, und zwar als Niveaugrö\en und Anteile von M3. überdies bestÄtigen Kointegrationstest grö\tenteils die Hypothese, dass die Nachfrage nach den Komponenten von M3 und nach M3 selbst in nominalen Grö\en langfristig stabil ist. Um den Beginn von Stufe Drei der WÄhrungsunion gab es signifikante Substitutionen zwischen den Komponenten von M3. Die empirische Analyse wird verfeinert, indem die Korrelation der unerklÄrten Bewegungen der individuellen Komponenten berücksichtigt wird und die Substitution der einzelnen Komponenten direkt modelliert wird.
Starting Page	680
Ending Page	701
Page Count	22
File Format	PDF
ISSN	16102878
Journal	Weltwirtschaftliches Archiv
Volume Number	136
Issue Number	4
e-ISSN	16102886
Language	English
Publisher	Springer Berlin Heidelberg
Publisher Date	2000-12-01
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	International Economics European Integration Macroeconomics/Monetary Economics//Financial Economics Economic Policy
Content Type	Text
Resource Type	Article
Subject	Economics, Econometrics and Finance

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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